PARIS - Collins Aerospace, a business unit of RTX (NYSE: RTX), has secured a contract with the French Direction Générale de l'Armement (DGA) to supply its Air Traffic Navigation, Integration, and Coordination System (ATNAVICS) for the French Army.
The vehicle-mounted system is designed to facilitate tactical control, approach, and landing operations, particularly in rapid deployment scenarios. The announcement was made today at a signing event at Eurosatory, a defense and security industry trade fair.
ATNAVICS is touted as the only fully autonomous mobile Ground Controlled Approach system that complies with International Civil Aviation Organization standards. It is engineered to be highly mobile and robust enough for battlefield operations. The system offers surveillance, precision landing, and identification friend-or-foe capabilities, essential for expeditionary missions and humanitarian efforts in harsh environments.
Dr. Bruce Brown, Vice President of Business Development Mission Systems at Collins Aerospace, emphasized the system's proven track record and its ability to provide on-demand air traffic management for field operations. The French Army joins the U.S. Army, Marine Corps, and Air Force as operators of this technology.
The French DGA expressed anticipation for the new capability, highlighting the efficiency of ATNAVICS, which can be dispatched using a single military transport aircraft and deployed in under an hour.
Collins Aerospace has been a significant player in the aerospace and defense industry, focusing on delivering technologies for sustainable aviation and various other sectors. RTX, the parent company, with a workforce of over 185,000 employees worldwide, reported sales of $69 billion in 2023 and operates from its headquarters in Arlington, Virginia.
The information for this article is based on a press release statement.
In other recent news, Raytheon (NYSE:RTN), a business segment of RTX, has been awarded a $506 million contract by NASA to develop the Landsat Next Instrument Suite (LandIS), aimed at enhancing Earth observation capabilities. In addition, RTX's subsidiary, Blue Canyon Technologies, has been selected by NASA to develop two 12U CubeSat buses for the PolSIR mission, which intends to improve climate predictions through the study of high-altitude ice clouds.
Furthermore, Raytheon has secured a $677 million contract to continue manufacturing AN/SPY-6(V) radars for the U.S. Navy, increasing the total to 38 radars ordered.
Jefferies maintained its Hold rating and a $105.00 share target for RTX Corp. In financial news, RTX Corp declared a quarterly dividend of 63 cents per share. Collins Aerospace, a unit of RTX, won a significant contract to provide systems for the U.S. Air Force's new Survivable Airborne Operations Center (SAOC) aircraft.
Pratt & Whitney Canada, another RTX business unit, received certification from Transport Canada Civil Aviation for its PW545D engine. These are recent developments, highlighting the active role of RTX in various sectors.
InvestingPro Insights
In light of Collins Aerospace's new contract with the French DGA, its parent company RTX shows promising financial metrics and strategic moves that may interest investors. According to InvestingPro data, RTX boasts a substantial market capitalization of 138.35B USD, underscoring its significant presence in the aerospace and defense industry. Investors may also note the company's revenue growth, with the last twelve months as of Q1 2024 reporting a 3.56% increase, indicating a steady upward trajectory in its financial performance.
Moreover, RTX has demonstrated a strong commitment to shareholder returns, maintaining dividend payments for an impressive 54 consecutive years. This consistency is complemented by a recent dividend growth of 14.55% in the last twelve months as of Q1 2024, which could be particularly appealing for income-focused investors. The company's stock has experienced a large price uptick over the last six months, with a 31.47% total return, suggesting a robust investor confidence in the company's market position and future prospects.
InvestingPro Tips highlight that management's aggressive share buyback strategy and the expectation of net income growth this year further bolster the investment case for RTX. With the company being a prominent player in the Aerospace & Defense industry and analysts predicting profitability this year, RTX appears to be on a solid footing.
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